Xero and ASB launch Business to Bank payments
29 April 2014
Small businesses can now save hours per month in accounts payable processing, thanks to a joint initiative between Xero
and ASB Bank. The next generation banking model allows businesses to have invoices initiated for payment from within
Xero and approved and released from within the ASB FastNet Business online banking product.
This world-first model for cloud accounting is the latest in ASB and Xero’s partnership, which sees the organisations
working together to improve the small business customer experience and enhance productivity.
ASB Executive General Manager – Technology & Innovation Russell Jones says, “This online integration between ASB FastNet Business and Xero streamlines
business-to-business payments. Small business owners, or their bookkeeper or accountant, can now prepare payments in
Xero and send them securely to FastNet Business, ready for the business owner to check and authorise.
“With our ASB Mobile Business app, it’s even easier as our business customers can authorise payments from literally
anywhere with mobile coverage. This gives time back to busy business owners allowing them to focus on managing and
growing their business or spending time with the family.”
Xero banking and payments expert Matt Vickers says, “The innovation partnership with ASB is allowing us to improve and
simplify the workflow process between accounting and banking, making life easier for small business owners.”
“Previously, business owners would manually download bank statements and then load them into their accounting software.
We now have a secure two-way connection between banking and accounting. Our first initiative with ASB was creating the
ability to start automated bank statement feeds from within their online banking platforms, rather than via paper forms.
This latest initiative leverages that connection by allowing customers to initiate payment instructions and send them
securely to the bank for authorisation and release.”
“This is world-class banking that is being noticed across all our markets and we hope will become a standard banking
service over the next few years,” says Vickers.
Melanie Morris, President of the New Zealand Bookkeepers Association, says her members will be thrilled about this new
innovation. "Our members can now do more for the many busy small business owners we serve. To have the ability to expand
on our current service delivery using technology is always great.
“This will also save many businesses considerable hours per month, freeing them up to focus on being in front of their
customers, not in the back room doing the books."
The service is now available to all Xero customers who use ASB’s FastNet Business multi-user online banking platform.
About Xero
Xero provides beautiful, easy to use online accounting software for small businesses and their advisors. The company has
over 280,000 paying customers in more than 100 countries around the world and is listed on the NZX and ASX. For more
infomation, see www.xero.com
About FastNet Business
FastNet Business is a multi-user banking system, designed for organisations that are too complex or too busy for ASB’s
FastNet Classic online banking. It lets business owners and managers create any number of users, and assign appropriate
levels of access and authority to keep control of their finances without having to do it all themselves. For more
information, see www.asb.co.nz.
ENDS